Delaware Housing Market Analysis - September 2024
The Delaware housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Delaware stands at $361,400, reflecting a slight decrease of 1.2% compared to the previous year. Similarly, the Median List Price has seen a decline of 0.7%, now at $357,200. Despite these decreases, the median Price Per Square Foot has increased by 2.7% to $197, indicating a rise in value for smaller properties.
In contrast, the Median List Price per square foot has experienced a more significant increase of 5.7%, reaching $204. This suggests that sellers are optimistic about the value of their properties, even as overall list prices have slightly decreased.
The number of Homes Sold in Delaware has decreased by 3.3% year-over-year, with 669 Homes Sold in September 2024. However, Pending Sales have increased by 5.8%, totaling 735, indicating a potential uptick in future sales activity. New Listings have slightly decreased by 1.6%, with 804 new properties entering the market.
Inventory levels have risen significantly, with a 16.5% increase, bringing the total to 1,377 homes. This increase in inventory is reflected in the Months of Supply, which has surged by 40% to 2.10 months. This suggests a shift towards a more balanced market, providing buyers with more options and potentially easing competitive pressures.
The Median Days on Market have increased by 6% to 28 days, indicating that homes are taking slightly longer to sell compared to last year. The average sale to list ratio remains strong at 100.3%, with a modest year-over-year increase of 0.2%. However, the percentage of Homes Sold above list price has decreased by 3.4% to 37.1%, suggesting a cooling in competitive bidding.
Price Drops have become more common, with a 3.8% increase, now affecting 29.4% of listings. This trend may indicate that sellers are adjusting their expectations in response to changing market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 2.4% to 55.3%, further highlighting the shift towards a more balanced market.
Overall, the Delaware housing market in September 2024 is characterized by a mix of declining sales prices and increased inventory, alongside rising Price Per Square Foot values and Pending Sales. These trends suggest a market in transition, with potential opportunities for both buyers and sellers as conditions continue to evolve.
